Horizontal trend in oil

Oil prices were flat on data showing falling U.S. inventories and a decline in Russian oil shipments. Oil held on to two days of gains as data showing falling U.S. inventories and risks to supply countered concerns about a slowdown. U.S. crude traded above $76 a barrel after rising more than 2 percent in the first two sessions of the week amid falling liquidity. The American Petroleum Institute reported that U.S. crude inventories fell by 3.1 million barrels last week, Bloomberg reported. Russia’s oil shipments fell sharply in the first week of G7 sanctions targeting Moscow’s oil revenues, potentially raising alarms for governments. In North America, Energy Corp. postponed the full opening of the Keystone pipeline by a week. Crude is on track for its first three-month decline since 2019, as further tightening by major central banks risks pushing the U.S. and European Union into recession. Oil investors are also monitoring the impact of China's easing of tough virus restrictions and Saudi Arabia's warning that the Organization of the Petroleum Exporting Countries and its allies will remain proactive and preemptive in managing the global oil market.